Bloomberg reports that Ferrari CEO Luca Cordero di Montezemolo will resign his post after 23 years effective October 13. Montezemolo quit after Fiat CEO Sergio Marchionne’s desire to push Ferrari to play a key role in developing high-end luxury cars to compete with Volkswagen, which has Bugatti and Bentley at the high end.
Motor Trend reported last week that Marchionne had already expressed his displeasure at Ferrari’s F1 performance. Following the Italian Grand Prix, Marchionne called the Ferrari F1 team’s performance “unacceptable,” suggesting in a not-so-veiled threat to Montezemolo that “nobody is indispensable.”
Bloomberg quoted the Montezemolo: “Ferrari is now American,” and that the move away from low-production sports and racing cars to luxury vehicles marked “the end of an era,”
Marchionne will act as Ferrari CEO when Montezemolo vacates in October.